Paulson & Co. Inc. is on track to survive a reversal of
fortune that sources say very few other hedge fund managers could
withstand. Assets declined $17 billion —
44.9% — to $21 billion as of June 30, down from a peak of $38.1 billion in
February 2011. Much of the loss is the result of poor performance over the past
year of the New York-based company's flagship Advantage event-driven arbitrage
strategy, although there have been modest investor redemptions, sources said.
The offshore version of Paulson Advantage Plus Ltd., which
uses mild leverage, was down 35% in 2011 and 17.7% year-to-date June 30. The
non-leveraged version of the strategy, Paulson Advantage Ltd., was down 36%
last year and fell 11.61% in the first half of 2012…..But the firm has a saving
grace: About 60%, or $12.6 billion of June 30 assets are from employees….
Wait...wait...there's more at http://www.pionline.com/article/20120723/PRINTSUB/307239973/paulson-tries-to-bounce-back
No comments:
Post a Comment